September 2023 total red meat and poultry stocks were up fractionally from August but were 8 percent below September 2022 as beef and pork stocks continue to tighten. Once again, the big shock from the report was the decline in beef and pork supplies that pulled red meat stocks down 17.1 percent from September 2022. Total poultry meat inventories fell 1.0 percent from August, exceeding their normal seasonal decrease, and were down 0.2 percent YoY. The report again highlights the diverging trends for red meat and poultry markets with chicken and turkey supplies remaining steady or increasing on industry expansion while multi-year declines in beef and hog herds continue to tighten supplies. ...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
The big news in the cattle markets yesterday was Tyson Foods’ move to close two more beef plants. One of them, the Joslin, Illinois, plant was shuttered immediately after the announcement. The other, in Eagle Mountain, Utah, is a case-ready plant that does not slaughter cattle. Tyson also...
The Bureau of Labor Statistics (BLS) released the Consumer Price Index (CPI) on Wednesday. In July, the CPI rose 0.1 percent, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy, or the “core” infla...
From WPI Consulting
Communicating importance of value-added products
Facing increasing pressure to quantify the value of export promotion efforts to investors, a U.S. industry organization retained WPI to develop a quantitative model that better communicated the importance of exports. The resulting model concluded that value-added meat exports contributed $0.45 cents per bushel to the price of corn, increasing support for that sector’s financial support of WPI’s client. In addition to serving the red meat industry with this type of analysis, WPI has generated similar deliverables for the U.S. soybean and poultry/egg industries.